INSIDER
Q1 / 2021
Q1LUXURY SNAPSHOT by city The first quarter of 2021 is a wrap. Over the last year, no doubt our business has profoundly changed, from the way we serve our affluent clients, to how people buy and sell, and what’s important to them in a home. 2021 will continue to bring the intangible luxuries to the forefront like family, space, health and security. The pre-pandemic trend in “right sizing” to smaller square feet has flipped to a bigger is better philosphy and continues to trending into 2021. In annual 2021 INSIDER report we shared that the Phoenix/Metro luxury home market
would continue it’s boom with no end in sight. In the first quarter of 2021 we more than doubled the number of homes sold over $1 million and nearly tripled the number of homes sold for over $4 million compared to Q1 2020. We also saw an 8% increase in the median sales price over Q1 2020. With a continued demand for housing from out-of-state buyers, our desirable Arizona lifestyle, cost of living, and low inventory, we anticipate our luxury market to see continued growth across all categories in 2021.
Scottsdale
Q1 2020
Q1 2021
# OF CLOSINGS
AVG PRICE / SF
AVG DAYS ON MARKET
# OF CLOSINGS
AVG PRICE / SF
AVG DAYS ON MARKET
AVG PRICE/ SF % CHANGE
$1,000,000 - $1,999,999
228
$322.12
146
443
$352.33
73
+9%
$2,000,000 - $2,999,999
53
$438.42
139
96
$461.38
123
+5%
$3,000,000 - $3,999,999
15
$553.30
168
48
$570.40
142
+3%
$4,000,000 - $4,999,999
5
$588.06
149
24
$605.14
164
+3%
$5,000,000 - $5,999,999
3
$659.09
299
7
$740.31
205
+12%
$6,000,000 - $6,999,999
-
-
-
2
$899.83
63
+100%
$7,000,000 - $7,999,999
1
$1189.34
-
4
$989.15
168
-17%
$8,000,000 - $8,999,999
1
$828.19
131
-
-
-
-100%
$9,000,000 - $9,999,999
-
-
-
3
$833.43
153
+100%
$10,000,000 - $14,999,999
-
-
-
-
-
-
-
$15,000,000+
-
-
-
1
$1,338.81
117
+100%
Paradise Valley
Q1 2020
Q1 2021
# OF CLOSINGS
AVG PRICE / SF
AVG DAYS ON MARKET
# OF CLOSINGS
AVG PRICE / SF
AVG DAYS ON MARKET
AVG PRICE/ SF % CHANGE
$1,000,000 - $1,999,999
54
$375.16
125
52
$439.41
91
+17%
$2,000,000 - $2,999,999
32
$468.83
233
51
$491.72
105
+5%
$3,000,000 - $3,999,999
12
$569.04
224
34
$554.57
181
-3%
$4,000,000 - $4,999,999
11
$615.93
205
9
$583.89
104
-5%
$5,000,000 - $5,999,999
2
$586.68
334
9
$747.25
215
+27%
$6,000,000 - $6,999,999
1
$682.91
102
1
$920.00
133
+35%
$7,000,000 - $7,999,999
1
$711.68
22
3
$1,150.93
178
+63%
$8,000,000 - $8,999,999
2
$739.23
58
1
$684.99
17
-7%
$9,000,000 - $9,999,999
-
-
-
1
$427.64
1
+100%
$10,000,000 - $14,999,999
-
-
-
1
$1,566.65
-
+100%
$15,000,000+
-
-
-
-
-
-
-
Market Data Source: Arizona Regional Multiple Listing Service
Phoenix
Q1 2020
Q1 2021
# OF CLOSINGS
AVG PRICE / SF
AVG DAYS ON MARKET
# OF CLOSINGS
AVG PRICE / SF
AVG DAYS ON MARKET
AVG PRICE/ SF % CHANGE
$1,000,000 - $1,999,999
63
$317.02
125
152
$358.45
78
+13%
$2,000,000 - $2,999,999
14
$417.13
175
28
$446.60
136
+7%
$3,000,000 - $3,999,999
3
$580.48
187
5
$454.04
144
-22%
$4,000,000 - $4,999,999
-
-
-
2
$659.53
68
+100%
$5,000,000 - $5,999,999
-
-
-
1
$889.71
515
+100%
$6,000,000+
-
-
-
-
-
-
-
Cave Creek/ Carefree
Q1 2020
Q1 2021
# OF CLOSINGS
AVG PRICE / SF
AVG DAYS ON MARKET
# OF CLOSINGS
AVG PRICE / SF
AVG DAYS ON MARKET
AVG PRICE/ SF % CHANGE
$1,000,000 - $1,999,999
21
$320.73
139
52
$356.62
88
+11%
$2,000,000 - $2,999,999
1
#305.58
418
4
$416.68
73
+36%
$3,000,000 - $3,999,999
2
$359.91
427
1
$414.58
69
+15%
$4,000,000+
-
-
-
-
-
-
-
Market Data Source: Arizona Regional Multiple Listing Service
Fountain Hills
Q1 2020
Q1 2021
# OF CLOSINGS
AVG PRICE / SF
AVG DAYS ON MARKET
# OF CLOSINGS
AVG PRICE / SF
AVG DAYS ON MARKET
AVG PRICE/ SF % CHANGE
$1,000,000 - $1,999,999
11
$286.57
252
28
$295.46
175
+3%
$2,000,000 - $2,999,999
2
$372.28
106
5
$408.34
206
+10%
$3,000,000 - $3,999,999
2
$454.85
103
4
446.35
82
-2%
$4,000,000+
-
-
-
-
-
-
-
East Valley
Q1 2020
Q1 2021
# OF CLOSINGS
AVG PRICE / SF
AVG DAYS ON MARKET
# OF CLOSINGS
AVG PRICE / SF
AVG DAYS ON MARKET
AVG PRICE/ SF % CHANGE
$1,000,000 - $1,999,999
46
$254.49
138
93
$275.37
59
+8%
$2,000,000 - $2,999,999
3
$329.69
79
7
$312.46
165
-5%
$3,000,000 - $3,999,999
-
-
-
3
$406.62
148
+100%
$4,000,000+
-
-
-
-
-
-
-
Market Data Source: Arizona Regional Multiple Listing Service East Valley Cities Incuded: Chandler, Gilbert and Mesa.
Q1SNAPSHOT $500k - $1m The hot topic for the Phoenix/Metro area is the unprecidented low housing inventory. And, we don’t see that loosening up any time soon. We are far from a normal market and would need 24,000 new active listings to get back to a “normal” level. However, despite our historically low inventory, we are still seeing a surge in local real estate. The first quarter of 2021 has far surpassed the already strong numbers set in 2020. The average sales price of homes has increased well over 20% in many of our major cities. The $500k to $1 million price range is a highly competitive one with many homes selling at
and/or above the original list price. While homes are selling at record speed, we still strongly suggest that our Sellers properly prepare their homes for sale. This means having a stategy in place, prep list, staging and story. It ensures top dollar and will likely result in higher multiple offers. As a Buyer it is imperative to be prepared both financially and mentally. Be ready to act fast, to make a strong offer and sometime at or above full price, or make consessions to secure the right home.
Scottsdale
Paradise Valley 2020
2021
% change
670
929
+39%
HOMES SOLD
AVG SALES PRICE
$702,257
$713,314
+2%
AVERAGE PRICE/SF
$254.68
$297.07
SALE TO LIST PRICE
97.8% 46
HOMES SOLD
AVG DAYS ON MARKET
2020
2021
% change
17
3
-82%
AVG SALES PRICE
$816,618
$870,000
+7%
+17%
AVERAGE PRICE/SF
$303.24
$298.26
-2%
99.9%
+2%
SALE TO LIST PRICE
96.2%
98.3%
+2%
47
+2%
AVG DAYS ON MARKET
97
4
-96%
2020
2021
% change
64
88
+38%
Phoenix
Fountain Hills 2020
2021
% change
508
883
+12%
HOMES SOLD
AVG SALES PRICE
$630,315
$649,195
+3%
AVG SALES PRICE
$666,652
$694,567
+4%
AVERAGE PRICE/SF
$231.95
$257.14
+11%
AVERAGE PRICE/SF
$230.93
$257.58
+12%
SALE TO LIST PRICE
97.9%
100.0%
+2%
SALE TO LIST PRICE
97.5%
98.8%
+1%
88
41
-53%
AVG DAYS ON MARKET
109
58
-47%
2020
2021
% change
499
958
+92%
HOMES SOLD
AVG DAYS ON MARKET
Cave Creek/Carefree
East Valley
2020
2021
% change
112
148
+32%
HOMES SOLD
AVG SALES PRICE
$696,464
$715,593
+3%
AVG SALES PRICE
$632,468
$638,438
+1%
AVERAGE PRICE/SF
$237.44
$261.72
+10%
AVERAGE PRICE/SF
$186.12
$212.21
+14%
SALE TO LIST PRICE
97.1%
100.0%
+3%
SALE TO LIST PRICE
98.4%
100.0%
+2%
112
66
-41%
AVG DAYS ON MARKET
77
34
-56%
HOMES SOLD
AVG DAYS ON MARKET
Market Data Source: Arizona Regional Multiple Listing Service. Single Family Residences sold between $500k -$1M. East Valley Cities Included: Chandler, Gilber, and Mesa.
T HE NOBLE COLLECT ION View our full collection of exclusive listings at TheNobleAgency.com. UNDER CONT RACT
OPTIMA CAMELVIEW SCOTTSDALE 3 Bed | 2 Bath | 2,129 sf
$1,100,000
SHELTER COVE MESA 4 Bed | 4.5 Bath | 5,765 sf
$1,445,000
SIERRA RIDGE SCOTTSDALE 2 Bed | 2 Bath | 1,597 sf
$499,000
$2,750,000
DESERT SAGE SCOTTSDALE 5 Bed | 3 Bath | 3,284 sf
$925,000
$2,100,000
UNDER CONT RACT
SUNRISE DESERT VISTAS SCOTTSDALE 5 Bed | 4.5 Bath | 4,298 sf
UNDER CONT RACT
DESERT MOUNTAIN SCOTTSDALE 4 Bed | 5 Bath | 4,794 sf
T HE NOBLE COLLECT ION View our full collection of exclusive listings at TheNobleAgency.com.
UNDER CONT RACT
MARIDA LOS ARCOS PARADISE VALLEY 5 Bed | 3.5 Bath | 4,572 sf
$2,350,000
LOS ALISOS SCOTTSDALE 4 Bed | 3 Bath | 3,023 sf
LAND BLACK CANYON CITY Total Acres: 1,278
$5,000,000
TROON VILLAGE SCOTTSDALE 4 Bed | 5 Bath | 5,201 sf | MLS:# 6126006
$2,800,000
$3,500,000
CROSS ROADS RANCH PRESCOTT Total Acres: 251.3 |
$1,000,000
$825,000
PENDING
SILVERLEAF SCOTTSDALE 5 Bed | 5.5 Bath | 6,309 sf
MICHELLE SAROCKA Maximizing value and achieving superior results requires specialization and market expertise. Michelle Sarocka is a local real estate expert with a thorough understanding of the real estate landscape in Phoenix and the surrounding communities she serves. With her expertise in the areas of marketing, property valuation, negotiating, excellence in transaction management and client service, she makes a market for her client’s properties helping them achieve results. To homeowners and property investors seeking to create and preserve wealth, Michelle provides unrivaled real estate investment sales and advisory services.
Michelle brings a unique blend of real estate market expertise, risk management, and business acumen to serve her clients. Having spent over 15 years as a Vice President of Risk Management at Wells Fargo Bank, Michelle was responsible for predicting the risk exposure used to derive profitability-based pricing strategies. Her expertise was put to use to provide recommendations to the bank’s executive management for portfolio purchases and portfolio securitizations exceeding $20 billion. This background in business is invaluable when pricing and negotiating the sale or purchase of her client’s properties.
Michelle holds a Master in Business Administration as well as a Bachelor’s Degree in Finance, is a member of Who’s Who in Luxury Real Estate, and a Certified Luxury Home Marketing Specialist™ with Million Dollar Guild™ recognition.
MICHELLE SAROCKA
REALTOR®, CLHMS, Monson Luxury Group 602.616.4829 | michelle.sarocka@thenobleagency.com |
@luxrlt
15551 N. Greenway Hayden Loop, Suite 200 Scottsdale, AZ 85260
we’ve got a zest for luxury lifestyles.
#getnoble
480.420.4LUX (4589) | thenobleagency.com
The master class of luxury real estate.™
15551 N. Greenway Hayden Loop, Suite 200 Scottsdale, AZ 85260